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Monday, 05 March 12
SOUTHGOBI ANNOUNCES AGREEMENT TO SELL ITS THERMAL COAL TSAGAAN TOLGOI DEPOSIT FOR US$ 30 MILLION
 SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) announced today an agreement to sell its thermal coal property, the Tsagaan Tolgoi Deposit to Modun Resources Limited (ASX: MOU) (“Modun”), according to the company's press release.
SouthGobi intends to facilitate the sale of Tsagaan Tolgoi through the transfer of a wholly-owned subsidiary holding one mining license (15041A) and one exploration license (7262X) pertaining to that deposit.
Under the transaction, SouthGobi expects to receive US$30 million of total consideration, comprising US$7.5 million up-front in cash, US$12.5 million up-front in Modun shares and deferred consideration of an additional US$10.0 million also payable in Modun shares. As a result, SouthGobi will have a significant shareholding in Modun and it will have the right to nominate one director to the board of Modun subject to SouthGobi holding an equity interest in excess of 14.9%. The transaction is subject to certain terms and conditions and is expected to be completed by June 1, 2012.
SouthGobi believes this transaction is positive for three key reasons:
(i) Tsagaan Tolgoi Deposit has become non-core due to the location being approximately 400 kilometres to the east of the Company’s core coking coal resources;
(ii) Modun has agreed to accelerate the development of Tsagaan Tolgoi into a mining operation, which will create employment and further the development of Mongolia; and
(iii) SouthGobi will, through its significant shareholding in Modun, continue to have exposure to Tsagaan Tolgoi and will also gain exposure to Modun’s other attractive projects in Mongolia.
“This sale will allow SouthGobi to focus on further developing our Ovoot Khural basin holdings, including our flagship Ovoot Tolgoi Complex and the nearby Soumber Deposit, while retaining an indirect exposure to Tsagaan Tolgoi through our shareholding in Modun,” said Alexander Molyneux, President and CEO.
“We also believe that Modun is well placed to be able to bring Tsagaan Tolgoi into production in a timely manner.” Macquarie Capital (Hong Kong) Limited acted as SouthGobi’s financial adviser on the transaction.
About SouthGobi Resources
SouthGobi Resources is focused on exploration and development of its Permian-age metallurgical and thermal coal deposits in Mongolia’s South Gobi Region. The company’s flagship coal mine, Ovoot Tolgoi, is producing and selling coal to customers in China. The company plans to supply a wide range of coal products to markets in Asia.
About Modun Resources
ASX-listed Modun Resources is developing the 100%-owned Nuurst Project in central Mongolia. Nuurst is a thermal coal project, which encompasses a 34.5 square kilometre licence area. In late 2011, Modun Resources announced a maiden 489 million tonnes JORC compliant resource at Nuurst (417 million tonnes of Indicated resources and 72 million tonnes of Inferred resources). The Nuurst Project is located 120 kilometres south of Mongolia’s capital Ulaanbaatar and six kilometres from existing rail infrastructures.
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Monday, 12 March 12
DELTA DUNIA 1M OVERBURDEN DROPS 3.1% - INSIDER STORIES
Insider Stories reported that, Indonesia's second largest coal mining contractor PT Delta Dunia Makmur Tbk (DOID) reported a 25 million bank ...
Monday, 12 March 12
DRY BULK RATES WILL REMAIN LOW IN 2012 SAYS DANISH SHIP FINANCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its annual shipping survey Danish Ship Finance said that the current outlook for the Dry Bulk market seems unlikely to foster higher rates in any ...
Monday, 12 March 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The first days of March appear to be more encouraging for dry bulk operators, but the outlook is still gloomy for the rest of year with earnings for ...
Sunday, 11 March 12
FREIGHT RATES FOR INDONESIA TO INDIA WILL CONTINUE TO REMAIN FIRM- VISTAAR
COALspot.com - This week saw another upward trend with all indices up except for the Cape index.
The BDI was up by 6.87 pct closing at 824 points ...
Friday, 09 March 12
MINING IN INDONESIA: RESTRICTION ON FOREIGN INVESTMENT - SUNIL K KUMBHAT
COALspot.com - Recently Govt has passed regulation instructing foreign mining companies to reduce their ownership stake.
The regulation known as ...
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- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
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- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
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- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
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- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
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- Georgia Ports Authority, United States
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- The University of Queensland
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
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- Attock Cement Pakistan Limited
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- Central Electricity Authority - India
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- SMC Global Power, Philippines
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- Lanco Infratech Ltd - India
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- White Energy Company Limited
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- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
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- The State Trading Corporation of India Ltd
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- ASAPP Information Group - India
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- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
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- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
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- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
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- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
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- Kohat Cement Company Ltd. - Pakistan
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- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
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- Price Waterhouse Coopers - Russia
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- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
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- Australian Coal Association
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
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- PowerSource Philippines DevCo
- Posco Energy - South Korea
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- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
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- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
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- Planning Commission, India
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- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
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- Gujarat Electricity Regulatory Commission - India
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- Simpson Spence & Young - Indonesia
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